RCM Service Features
Revenue Cycle Management Services
Omega Revenue cycle management it is used for financial process, it is used for medical billing software that facilities of healthcare used for patient’s care and their registration and appointment to the final fee of a balance according to the Healthcare Financial Management Association HFMA, revenue cycle has all the administrative and clinical functions that used for capture management and collection of patient service revenue The most vital part of the revenue cycle process is pre-registration.
With the help of (ORCM) Omega Revenue Cycle Management Service system, the number of errors can reduce and increase. The likelihood of cash, and save the aging account receivable. And other than that, it strives to increase claims efficiency while reconciling cost against revenues to optimize cash flow These are following steps in the revenue cycle are included pre-registration, registration, charge capture, claim submission, remittance processing, insurance follow-up, and patient collection in this way we divide it into some step to introduce and explain for more understanding of ORCM services
Pre-authorization and registration are the first steps of revenue cycle management. In this step, you can collect the patient’s insurance and financial information. Because it has the potential to provide massive financial benefits to both parties involved. In this manner from the patient’s perspective, it not only saves time filling out the forms in the waiting room so they can see their doctor more quickly but most importantly.
The second step work as a validation that all the needed information for patient registration was already collected. During the pre-registration process. if the hospital found any mistake in the registration form of the patient. So, it is time to bring attention to solving his problem before it becomes a large issue.
When services are rendered to a patient, the next step in revenue cycle management is to capture services rendered in billable charges, a process called charge capture. This step is very important to ensure that throughout the revenue cycle, the hospital will get full compensation from the payers. This is when you assign a medical code to a claim, through these hundreds and sometimes thousands of dollars in claim rework can save.